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New Internationalist launch crowdfund

Mar16

Written by:16/03/2017 09:42

New Internationalist magazine is looking for investors

New Internationalist Magazine has been a paragon of radical journalism for over 40 years, giving a voice to left wing perspectives on global issues. Many of the issues on which it reports are closely related to those that we cover from a consumer perspective.

New Internationalist is now following Ethical Consumer in becoming a multi-stakeholder cooperative, which means being partly owned by workers, but also partly owned by investors, who also have a say in what it does.

It has launched a £500,000 community share offer; the largest of its kind by a media organization globally. The offer is open until 6th April 2017. Nearly half of the £500,000 figure has already been pledged in just two weeks.

It is an all-or-nothing funding drive, attached to a plan to transform the magazine. If the target isn’t reached, it will not go ahead.

How it will work

The publication invites supporters to ‘Buy Into a Better Story’ by buying ‘community shares’. Community shares are different from ordinary shares. They can’t be transferred or sold on. Investors have one vote, no matter how much they invest.

However, if you invest you become a co-owner of the organisation. In this instance, you will get a voice on what New Internationalist covers and how it covers it. You will be invited to join the Common Council, an ongoing forum engaging with editors on the content and direction of the magazine.

The minimum investment is only £50, so this opportunity to own the media is open to everyone. Actor Emma Thompson was one of the first to invest, and other supporters include musicians Jarvis Cocker and Billy Bragg, and journalists George Monbiot and Lindsey Hilsum.

The goals of the drive

Unlike most of the mainstream media, New Internationalist does not have billionaire backers. It has traditionally been funded largely by subscriptions, which is hard in the digital age in which people have become used to receiving information for free. However, the magazine still brings in over £500,000 every year in subscription income.

The investment is to fund a magazine revamp and a major increase in associated multimedia content, book publishing, events and the New Internationalist shop. The magazine believes that these together should be able to create a secure and democratic structure for the organisation, so that it can continue to provide an antidote to news outlets owned by a few rich people, and to divisive, fake news.